Inheriting and Changing a Family Business
Taking over a family business can be a crazy process that is plagued by emotions, family expectations, undue stress and unexpected hurdles that the new owner has to manage. Make it double when the transition is unexpected and during an economic correction. It might seem like an impossible situation but our guests, Ethan and Brooke Redden owners at Redden Concrete are going to walk us through their crazy experience of taking over the family business, managing it during difficult economic conditions and changing the direction the business going to save it.
- Transitioning the family business is doable even under the most extreme situations. Growing up in a family business can be a incredible edge that a new business owner can have. So much so, that even if they end up inheriting the family business in imperfect circumstances the new owner has the ability to take over and save the business.
- Don’t be afraid to pivot. Ignorance is not bliss. Being able to see signs of trouble and pivot your business to avoid trouble is the only way to keep your business safe and profitable. Even if the pivot is unprecedented or travels into unknown territory.
- Technology gives clarity to your business. Technology is here to make your business more accessible to you and your team. Being able to see what is happening gives more choices and more time before critical errors are made.